Updates

Bovis

March 2017

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Bovis issued a disappointing update, noting that due to production delays and the deferral of 180 completions into 2017, it now anticipates full year results to be below expectations. It previously expected c. 5% growth in completions but that will now be 0-2%. Average sales prices of completions in 2016 are expected to increase by around 10%, driven by an improved mix and increased market pricing. As a result pretax profit forecasts are now expected to be £160m-£170m, down from £185m previously.Numis has left 2017 estimates unchanged at £196m pretax profit and claims Bovis is in a more solid position to deliver because of 1.) those 180 deferred homes should be delivered early 2017, 2.) Bovis now has all lan ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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